I contacted Sasha Ivanov, founder of Waves, about the linked address 1NGfrU4YNp8dox1gLeUDyjD5Vpfck9no5j that has 4800 BTC from Waves ICO.  His response was that if the project is successful, he is going to distribute our coin as dividend to Waves holders.

So, even the largest (so far) whale in our distribution is a kind of collective investment entity.